Trades on ES for Mon, 24-Nov-2008

My goal is $300 for the day. Today I grossed $75.

Total Trades = 21 (1.75 hrs from 12:29 pm to 2:15 pm EST)
Contracts Used at 1 Time = 2 ($500 margin/contract)
# Profitable Trades = 14 (67%)
# Costing Trades = 7 (33%)
Range of Profitable Trades = $37.50 to $187.50
Range of Costing Trades = 0 to -$350

Total Profits = $1200
Total Costs = $1125
Commissions = $83.79
Net = -$8.79 (-0.9% ROI of capital used)

Lessons Today:

1. I did not get enough sleep and basically stayed up fairly late. The night before my kids were having problems with coughing, puking, breathing and it spilled on over to Sunday night, just less of it. My sleep has been greatly thrown off.

2. Started trading late and was really groggy, but kept trading.

3. I started off to a bad note with a -$250 cost on one contract. That is not a good way to start off the day negatively and so much. I don't think I was really paying attention as my entry was at the bottom of a double bottom to go short. Does not make sense, but I did that and I continued to hold on after the MAs were broken.

4. VERBALIZE TRADES.

5. Know where you are. Location, location, location.

6. Over the weekend, Sunday night, I consumed 1/2 of a 1/2 gallon of ice cream. I've never done such a thing and all that refined sugar and dairy in my system does not make for clear thinking. I'm used to eating very healthy, so this was a shock to my system.

7. I do much better when I'm focused and not trading a lot. 21 trades in a day is far too many trades for me in one day.

8. Though I grossed positively, barely, all the trades I did caused me to be net in the negative. Almost broke even, but the 7 trades that went against me were far too big.

9. Of my first 6 trades, 4 went highly against me and I kept trading to recoup what it cost me. I was better able to focus, but I had some fear and got out of some trades too early, instead of waiting for my signals to get out.
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